These General Terms and Conditions provided by UAB SEVEN SEAS EUROPE (hereinafter referred to as the
“Terms and Conditions” or the “Contract”) create a legally binding
agreement between (hereinafter referred to as the “Company”) and the Client
Pricing Conditions, and any annexes if applicable.
UAB SEVEN SEAS EUROPE
is a private limited liability company incorporated under Lithuanian laws,
address [Olimpieciu st. 1-5, Vilnius, Lithuania LT-09235], listed within
Lithuanian Register of Legal Entities with the registration number
304632897. Data about the Company is collected and stored at the Register
of Legal Entities of the Republic of Lithuania.
UAB SEVEN SEAS EUROPE
is authorised to provide certain financial services in a number of European
Member States under the freedom of establishment and/or freedom to provide
services, under the Electronic Money Institution license No. 22, (issued on
21/12/2017), issued and approved by the Bank of Lithuania.
The Company is supervised by the Bank of Lithuania, address Gedimino av. 6,
LT-01103 Vilnius, Republic of Lithuania, telephone no. +370 800 50 500,
The funds collected by UAB SEVEN SEAS EUROPE are protected against any
claims from other creditors of the Company, including in the event of
enforcement proceedings or insolvency proceedings against the Company.
The Client’s funds are deposited into a segregated account opened with
THIS CONTRACT IS OF SIGNIFICANT IMPORTANCE AND SHALL BE CAREFULLY
EXAMINED BY THE CLIENT BEFORE THE CLIENT DECIDES TO REGISTER IN THE
SYSTEM, OPEN AN ACCOUNT AND USE SERVICES PROVIDED BY THE COMPANY.
PLEASE CAREFULLY READ THIS COTRACT, THE FINANCIAL CONDITIONS, FEES AND
OTHER AGREEMENTS OR SUPPLEMENTS COMMUNICATED TO YOU BEFORE ACCEPTING
THEM. THE PRESENT CONTRACT TOGETHER WITH ITS SUPPLEMENTS, IF ANY,
DEFINES SPECIFIC RISKS WHICH MAY ARISE WHEN USING THE SYSTEM AND
PROVIDES GUIDELINES FOR SAFE USE OF THE SYSTEM.
CONDITIONS OF SEPARATE SERVICES PROVIDED BY THE COMPANY ARE SET UNDER
THE SUPPLEMENTS TO THESE TERMS AND CONDITIONS, OTHER AGREEMENTS AND
RULES WHICH ARE AN INTEGRAL PART OF THE PRESENT TERMS AND CONDITIONS.
RULES THAT ARE SET IN SUPPLEMENTING AGREEMENTS SHALL BE DEEMED TO BE
SPECIAL RULES AND THEREFORE THEY SHALL PREVAIL OVER THE RULES OF THE
PRESENT TERMS AND CONDITIONS.
1.1. The following definitions when used in this Contract or any document
referred to herein shall have the following meaning:
1.1.1. Account means the electronic money and payment
account the Client has opened or is about to open with the Company. The
Account allows to use Company’s Services and is opened only after the
successful Client’s Identification.
1.1.2. Additional User means a natural
person authorized by the Client or the User to operate an Account.
1.1.3. Application programming interface (API) means a
publicly available technical interface for the interconnection of account
servicing payment service providers, payment initiation service providers,
account information service providers, other payment service providers,
payers, and payees, drawn up in accordance with a delegated act adopted by
the European Commission, as referred to in the article 98, part 1 point d
of the Directive (EU) No. 2015/2366.
1.1.4. Authentication means a procedure which allows the
Company to verify the identity of a payment service user or the validity of
the use of a specific Payment instrument, including the use of the Client’s
Personalised security credentials.
1.1.5. Banks mean licensed Credit Institutions that hold
funds collected by the Company from its Clients corresponding to the total
Electronic Money issued by the Company in circulation. The Company reserves
the right to select any credit institution based in a European Union Member
States. The current list of the selected credit institutions is available
upon request at the Company.
1.1.6. Business Day means a day established by the Company
on which the Company participating in the execution of a payment
transaction, carries out activities necessary for such payment transaction.
The Company may establish different Business Days for the provision of
different services and/or for the execution of different payment
transactions. Unless the Contract or its annexes establishes otherwise, a
Business Day of the Company means a day, other than Saturday or Sunday, or
other national holiday day, set forth by the legal acts of the Republic of
1.1.7. Commission Fees means a list of fees to be charged
by the Company from the Client for the provided Services. The Commission
Fees can be found on Company Website or can be agreed before the Account
opening by Company and Client individually.
1.1.8. Confidential Information means any information
which is marked as “Confidential” or “Proprietary” or should be reasonably
expected to be confidential having regard to the context of disclosure or
the nature of the information; including, without prejudice to the
generality of the foregoing, business plans, data, strategies, methods,
Client and Client lists, technical specifications, transaction data and
Client data shall be deemed confidential.
1.1.9. Consent means consent of the Payer to perform a
1.1.10. Contract means these General Terms and Conditions,
1.1.11. Client means a person (legal or natural person who
conducts individual business activity or a natural person who is acting for
purposes other than their business or profession) who uses or has requested
to use the services provided by the Company as the Payer and/or the Payee.
1.1.12. Client’s Account means the Client's profile in the
Company’s banking system where operations are carried out.
1.1.13. Client’s Identification means identification and
verification of the identity of the Client, Additional User or person
related to the Client.
1.1.14. Client’s Questionnaire means one of the measures
to conduct Client’s Identification. Client’s Questionnaire includes Know
Your Customer related questions and can take these forms but not limited
to: online form on the Website; offline form as a file; offline
pre-registration form as a file.
1.1.15. Client’s Representative means the executive
manager of the Client (in case of a legal person) or a natural person
authorized to legally represent the Client in cooperation with Company
1.1.16. Commission fee means a fee (charge) applied by the
Company for the payment transaction and/or related payment services,
services linked to the Account or which is related to these services.
1.1.17. Credit value date means a reference time that
funds from transaction are made available to the Account.
1.1.18. Currency exchange rate means the currency exchange
rate which is indicated by the Company or which comes from a publicly
available source and which is used as the basis for exchanging the
1.1.19. Debit value date means a reference time that the
funds were debited from the Account.
1.1.20. Direct debit means a payment service for debiting
a Payer’s payment account, where a payment transaction is initiated by the
payee based on the payer’s consent given to the payee, to the payee’s
payment service provider or to the payer’s own payment service provider.
1.1.21. Durable medium means any instrument which enables
the Client to store information addressed personally to that Client in a
way accessible for future reference for a period adequate to the purposes
of the information and which allows the unchanged reproduction of the
1.1.22. Electronic money means electronically, including
magnetically, stored monetary value as represented by a claim on the
Company which is issued on receipt of funds for the purpose of making
payment transactions as defined in point 5 of Article 4 of Directive
2007/64/EC, and which is accepted by a natural or legal person other than
1.1.23. Electronic money institution – means an electronic
money institution defined in the Law on Electronic Money and Electronic
Money Institutions, an electronic money institution of another Member
State, their branches, or a branch of an electronic money institution of a
foreign state established in the Republic of Lithuania.
1.1.24. Foreign country means a non-Member State of the
European Union or a state not belonging to the European Economic Area.
1.1.25. Funds means banknotes and coins, scriptural money,
or electronic money.
1.1.26. Identification means a process of verification of
the identity of the Client, User, Additional User or any other related
person in order to establish new or continue the existing relationship with
1.1.27. Identification Device means portable device
offered by the Company in its sole discretion and upon conditions provided
to secure Client’s connection to the Client’s Account and ensure
authentication of the Client in accordance with 2-factor verification.
Additional Fees apply for the issuance of Identification Device to the
1.1.28. Identity Authentication Measures mean measures
used for validation of the identity of the Client or Additional User in
order to authorize Payment Transactions and conduct other Account related
activity. The measures include signature, electronic signature of the
Client or Additional User, personal identification number assigned (issued)
to the Client or Additional User, the e-mail and telephone number of the
Client or Additional User or other means (passwords, codes, keys etc.)
1.1.29. Member State means a Member State of the European
Union as well as a state of the European Economic Area.
1.1.30. Payment order means any instruction (payment
request) by the Payer or Payee to their payment service provider requesting
the execution of a Payment Transaction.
1.1.31. Payment service user means a natural or legal
person making use of a payment service in the capacity of Payer, Payee, or
1.1.32. Payment service provider means (i) a bank or a
branch of a foreign bank; (ii) a payment institution or electronic money
institution established under the legal acts, or a branch of a payment
institution or electronic money institution; (iii) other similar financial
institution providing payment services.
1.1.33. Payment transaction means depositing, transfer or
withdrawal of funds initiated by or on behalf of the payer or by the payee
irrespective of the obligations of the payer and the payee on which the
transaction is based.
1.1.34. Party means the Company or the Client.
1.1.35. Payment instrument means any personalized device
and/or certain procedures agreed between the Client and the Company and
used by the Client for the initiation of a Payment order.
1.1.36. Payer means a natural or legal person who holds a
payment account and allows a Payment order from that payment account, or,
where there is no payment account, a natural or legal person who gives a
1.1.37. Payee means a natural or legal person who is the
intended recipient of funds which have been the subject of a Payment
1.1.38. Personal Data means any information related to the
person whose identity is known or can be directly or indirectly determined
by using a personal code (national ID number) and one or more physical,
physiological, psychological, economic, cultural, or social features
specific to the individual.
1.1.39. Personalized Security Credentials mean
personalized features provided by the Company to a Client for the purposes
1.1.40. Platform or System means a software solution on
the Company’s web pages, owned, and developed by the Company and used for
provision of its Services to the Client.
1.1.41. Services means the services provided by the
Company under this Contract.
1.1.42. Statement means a document prepared and provided
by the Company, which includes information about Payment transactions
executed during the specific period.
1.1.43. Strong Client Authentication measures means an
authentication based on the use of two or more elements categorized as
knowledge (something only the Client knows), possession (something only the
Client possesses) and inherence (something the Client is) that are
independent, in that the breach of one does not compromise the reliability
of the others and is designed in such a way as to protect the
confidentiality of the authentication data.
1.1.44. Third party means any natural or legal person,
other than the Parties.
1.1.45. Unique Identifier (UI) means a combination of
letters, numbers or symbols specified to the payment service user by the
payment service provider and to be provided by the payment service user to
identify unambiguously another payment service user and/or the payment
account of that other payment service user for a payment transaction. The
Unique Identifier may be the individual number by IBAN number or the
individual reference number depending on the Payment type and destination.
1.1.46. User means a natural person who is managing an
Account, either Personal or Business account upon the legally granted
powers to do so.
1.1.47. User Profile means the profile on the Website
based on the KYC Questionnaire that has been originally filled in by the
Client during the registration process.
1.1.48. Website means Company’s website at the address
2. APPLICATION OF THE TERMS AND CONDITIONS
2.1. These Terms and Conditions shall be applied to all relationships
between the Company and the Client related to provision of Services and
which arise before and continue after these Terms and Conditions come into
force, as well as to the relationships which raised after these Terms and
Conditions came into force.
2.2. The present Terms and Conditions constitute the main terms and
conditions applicable in the relationships between the Client and the
Company when the Client registers in the Company’s system, opens an Account
and uses other Services provided by the Company.
2.3. The present Terms and Conditions shall be published on the Company’s
Website. The current version of the Terms and Conditions is available in
the Client’s Account, too.
2.4. The Company and the Client (excluding a natural person who, is acting
for purposes other than their business or profession) agree that the
Articles 4 (1), (2) and (3), Article 11 (1), (2) and (5), Article 29 (3),
Articles 37, 39, 41, 44 and 51 of the Law of the Republic of Lithuania on
Payments (Law No. XIII-1092) will not be applied for the Client.
3. SERVICES PROVIDED BY THE COMPANY
3.1. Services provided by the Company are as follows:
3.1.1.Issuing of electronic money;
3.1.2.Issuing of payment instruments and/or acquiring of payment.
3.1.3.Execution of payment transactions, including transfers of funds on a
payment account with the payment service provider of the payment service
Client or with another payment service provider: execution of direct
debits, including one-off direct debits, execution of payment transactions
through a payment card or a similar device and/or execution of credit
transfers, including standing orders.
3.1.4.Distribution and redemption of electronic money.
3.1.5.Provision of currency exchange services.
4. REGISTRATION PROCEDURE AND CLIENT’S IDENTIFICATION
4.1. Any natural person of at least 18 (eighteen) years of age, with
capacity to enter legally binding contracts, as well as any legal person,
can request to open an Account.
4.2. To open an Account, the Client must carry out Company’s remote account
opening procedure which includes but is not limited to agreeing with these
Terms and Conditions, filling in the Client’s Questionnaire and completing
Identification per Company request.
4.3. Company has the right to require Client to carry out a repeated
4.4. Company has the right to require Identification of Additional User,
legal representatives, directors, ultimate beneficial owners of the Client
and other persons related to the Client.
4.5. In order to conduct Identification, Company may use the third-party
4.6. Client shall take full responsibility for the activity carried out by
the Additional User. Company will have the right to invoke any clause of
this Contract against the Client for the activity of the Additional User.
4.7. Identification of the Client who is a natural person conducting
individual business activity as well as the Client who is a natural person
acting for purposes other than their business or profession (the Client
shall provide including, but not limited to the following information and
documents to the Company):
4.7.1.Personal information : first name, last name, the date of birth,
personal ID code, nationality, registered address.
4.7.2.Contact details : email address, phone number.
4.7.3.Documents: valid international passport or ID card (only EU/EEA
residents’ ID cards are acceptable) with the MRZ zone. The document must
contain the photograph, name, personal ID number and other data.
4.7.4.The filled Client’s questionnaire (information required by the
Company: SOF, SOW, services and currencies required, destination/ origin of
payments, estimated monthly turnover and average number of payments within
the Account, etc.).
4.7.5.Other information or documents, which the Company may request based
on the individual circumstances and which would allow the Company to verify
the Client’s identity.
4.8. Identification of the Client who is a legal person (the Client shall
provide including, but not limited to the following information and
documents to the Company):
4.8.1.Personal information of legal entity’s representative: first name,
last name, the date of birth, personal ID code, nationality, registered
4.8.2.Contact details of legal entity’s representative: email, phone
4.8.3.Documents of legal entity’s representative: valid international
passport or ID card (only EU/EEA residents’ ID cards are acceptable) with
the MRZ zone. The document must contain the photograph, name, personal ID
number and other data; Power of Attorney, which shows that the legal
representative of the legal entity is enabled to conclude this Contract
with the Company (if applicable).
4.8.4.Legal entity’s information: registered name, registration country,
registered address, registration number, taxpayer identification number.
4.8.5.Documents of the legal entity: Business License/ Certificate of
Incorporation/ or the extract from the public registers of the relevant
authority about the Client, which shall indicate at least the basic
information about Client (registered name, registration number); company’s
shareholder structure; identity documents of ultimate beneficial owners who
directly or indirectly control at least 25% of the company shares;
company’s articles of association or any equivalent; company’s financial
statement for the previous calendar year.
4.8.6.The filled Client’s questionnaire (information required by the
Company: SOF, SOW, personal information of the ultimate beneficiaries,
services, and currencies that the Client requires, destination/ origin of
payments, estimated monthly turnover and average number of payments within
the Account, etc.)
4.8.7.Other information or documents, which the Company may request based
on the individual circumstances and which would allow the Company to verify
the Client’s identity.
4.9. The Client is informed and agrees that the Company has the right to:
4.9.1. Require the Client to provide the original documents and/or the
copies of documents approved by a notary, or another person authorized by
the particular country or region.
4.9.2.Require the Client to submit a valid list of participants of their
legal entity in order to identify the beneficiary. When submitting this
list, the Client confirms that all information is true and correct (e.g.,
listed persons control shares directly and not through third parties).
4.10. If it turns out that it is not possible to identify the ultimate
beneficial owners of the Client (legal person), Company has the right to
refuse to engage in a business relationship with the Client or continue
providing the services to the Client (e.g., if there is no independent and
reliable source to verify the Client’s shareholder structure).
4.11. The representative of the Client (User or Additional User), other
than the director of the legal person or the person himself in case of
natural person, shall be eligible to operate the Client’s Account if the
Client provides a document proving the granted powers (for example, power
4.12. The document proving the granted powers to the representative of the
Client must meet the requirements for such documents set by the Company:
4.12.1. User as the representative of the Client. Document to be provided:
a notarized power of attorney document which explicitly lays out the
identity information of the Client and the representative of the Client as
well as specifying the powers granted to the representative of the Client.
4.12.2. Additional User as the representative of the Client. Document to be
provided: a power of attorney document which explicitly lays out the
identity information of the Client and the representative of the Client as
well as specifying the powers granted to the representative of the Client.
The document must be signed by the legal representative of the Client.
4.13. The Company reserves the right to cross-check the information
provided in publicly available sources.
4.14. In specific cases, to ensure the Client identification or to perform
other necessary duties, the Company has the right to demand the Client to
complete specific procedure (e.g., WeChat and/ or Skype video call )
indicated by the Company.
4.15. The Client confirms that all the data provided during the
registration process is correct and up to date. During the ongoing business
relationship, if there are any changes in the provided data, the Client is
obligated to provide updated information as soon as possible, but not later
than 5 (five) Business Days after the changes.
4.16. Before starting the registration process in the System, the Client
must get acquainted with these Terms and Conditions which are available on
the Website in English language.
4.17. After the Client reads the current version of this Contract, the
Client shall click on the checkbox (which can be found next to the ‘Check
to comply with the Terms and conditions’ field) before starting the
registration. If the Client does not mark the checkbox, the Account opening
application could not be submitted and would not be considered for the
Account opening. The contractual relationship is started between the
Company and the Client after the Client agrees to the Contract and the
Account is opened by the Company.
4.18. The Company has the right to refuse to register the new Client
without indicating the reasons, however, the Company assures that the
refusal to register will always be based on significant reasons which the
Company does not have to or does not have the right to reveal.
4.19. Once the documents and information provided by the Client is checked
by the Company and there is no basis which may allow to refuse to provide
Service in accordance with applicable laws, the Client is entitled to start
to use the Services provided by the Company and the Client’s Account.
4.20. After successful application to open an Account at the Company, the
Client shall be provided with the Personalized security credentials,
consisting of a Client ID, a password and any additional information
required to enforce Strong Client Authentication measures. Identification
Device may be offered in accordance with the Commission fees of the
4.21. The Client is prohibited from having more than one Account in the
System, providing false data which would lead to creating one more Account
and allowing third persons to use the Account. In case of a breach of this
provision, the Account and associated Accounts can be suspended or closed,
and data may be reported to law enforcement institutions.
4.22. Upon the Account opening, the Client is entitled to open one IBAN
account unless the Company explicitly approves the opening of additional
4.23. Parties agree that the Client may confirm (sign) documents (e.g.,
agreements, consents, etc.) by electronic means provided that the Company
makes such means available in the System.
5. COMMUNICATION BETWEEN THE CLIENT AND THE COMPANY
5.1. The person who becomes the Client of the Company confirms that the
Client accepts that all communication, including the personal communication
between the Company and the Client, shall be executed in English. All
communication, information about any changes to the Services and the Fees,
other important information shall be provided in English, unless Parties
agree otherwise by signing additional amendment to this Contract. However,
in case if the Client is from non-English speaking country, the
communication between the Company and the Client may be executed in other
languages, i.e., Mandarin Chinese, if both Parties agree.
5.2. The Client shall receive a notification about the confirmation of
Account opening, provision of new Service, or renewed provision of a
suspended Service. The information shall be provided to the Client
personally or by announcing it publicly:
5.2.1.the information may be provided personally to the Client through
Client’s Account and by choosing one additional option from the following:
i) post or ii) by electronic messages (e-mail, short message service (SMS),
secure chatting software, etc.) sent to the Client.
5.2.2.the information may be published on the Website, as well as the
Company may provide the information by the press or other media forms. The
information provided publicly is considered to be duly delivered to the
Client, except the cases of mandatory requirements of the applicable of the
Republic of Lithuania and / or the cases when the Company is obligated to
inform the Client personally.
5.3. The Client acknowledges that any communication between the Company and
the Client shall take place personally and primarily through the Client’s
Account and by contact e-mail address indicated during the process of
application of the opening the Account. Disclosure of any information by
the Company through the Account of the Client and via the e-mail means that
the relevant information is duly delivered to the Client and is effective.
5.4. The Client, User or Additional User must provide Company with and, in
case of amendments, immediately inform Company about changed contact
details (telephone numbers, e-mail addresses and address of the Client,
User or Additional User) which could be used by Company to contact the
Client, User or Additional User. If the Client, User or Additional User
fails to inform Company in the manner prescribed, all consequences arising
out of a failure to give notices of Company to the Client, User or
Additional User shall fall within the Client, User or Additional User.
5.5. Company shall be entitled to request documents and/or relevant
information on or related to the Client and/or Additional User which is
required for Client‘s Identification or for the continued provision of the
services. The Client shall agree to provide all necessary information
requested by the Company, data and documents required for Client‘s
Identification, establishment of the origin of the funds or assets and
Customer’s business activities.
5.6. Company shall be entitled to request from the Client or User
additional information and/or documents related to the Client or User or
the operations performed by Client, and to request the Client or User to
fill in and periodically update the application (Client‘s Questionnaire) or
provide the answers to the KYC-related question in a written form.
5.7. All documents and information shall be drawn up and provided at the
expense of the Client or User. If the Customer fails to provide additional
information and/or documents within the time limit specified by Company,
Company shall be entitled to fully or partially suspend provision of the
services provided to the Client.
5.8. Company has the right to demand notarized translation of the documents
to the acceptable language (English).
5.9. The Client acknowledges that communication through the Client’s
Account may be done only if the Client enters the Client’s Account by using
its Personalized security credentials provided by the Company to the Client
due to the purpose of the Client’s authentication in accordance with the
clause 8.1. of this Contract.
5.10. E-mail communication is possible to e-mail addresses that are given
on the website of the Company and the e-mail addresses given by the Client
during the registration session to the Company system. E-mail message is
considered to be duly delivered on the following Business Day.
5.11. In case of communication through the post, letters are delivered to
the other Party’s address. The letter is considered to be duly delivered on
the third day after the delivery of the notice informing that the letter
cannot be delivered to the other party or that the letter was rejected or
was not collected by the other party within the collection period, even if
the addressee has no knowledge of the letter.
5.12. The information published on the Website, Client’s Account as well as
published publicly is considered to be duly delivered on the day of the
announcing / publishing such information.
5.13. The Client agrees that the Company may record, with prior notice and
in accordance with the Company’s internal rules of processing of personal
data, any ongoing communication between the Company and the Client using
any available technical means, and will archive all the records, as well as
the copies of any information and documents that the Company will receive
from the Client and third parties. The Client agrees that the Company may
at any time use this information for the purposes stated in these Terms and
personal data or for ensuring compliance with this Contract.
5.14. The Client is entitled to get the information about these Terms and
Conditions and the Terms and Conditions as itself in paper version or any
other durable medium, in which the Company can provide such information
free of charge.
5.15. If the Client would like to contact the Company about a concern
relating to this Contract, the Client may contact the Company through the
Client’s Account, via e-mail [email protected] or other means stated
in the Company’s Website www.sevenseasfinance.com. The Company will try to
resolve any issues the Clients may have about their Account or the
Services. The Company shall acknowledge receipt of the message within 1
(one) Business Day. The Company shall provide the answer within 15
(fifteen) Business Days of receiving Client`s concern unless the concern is
of a “simple” nature and can be resolved with 1 (one) Business Day from the
receipt day. The Company shall inform the Client if exceptional
circumstances arise, in which case it may take up to 35 (thirty-five)
Business Days to address Client`s concern.
5.16. The Parties shall inform each other without undue delay of any
changes to their contact information. Upon the request of the Company, the
Client shall provide the relevant documents proving that the contact
information has changed. The failure to fulfil these obligations means that
the notice sent based on the latest contact information provided to the
other Party is duly delivered and any obligation fulfilled in accordance
with such contact information is executed properly. The Client acknowledges
that the Company has the right to inform about the change of its contact
information by way of publicly announcement, by publishing such information
on the Company’s Website and / or by sending such information via e-mail
indicated during the process of application of the opening the Account.
5.17. To protect the Client`s funds from the possible unlawful acts of
third parties, the Client shall immediately notify via e-mail indicated
during the process of application of the opening the Account in writing of
the theft of their identity document theft or loss in another way.
5.18. The Parties must promptly inform each other of any circumstances
relevant to the proper performance of this Contract. Upon the request of
via registered contact e-mail address, the Client is obliged to provide the
such circumstances (for example, a change of the sample signature of the
Client or the Client`s representative, the initiation and setting-up of the
Client`s bankruptcy, the Client`s liquidation, reorganization, conversion,
etc.) regardless of whether this information has been provided to the
6. FEES AND CURRENCY EXCHANGE
6.1. Fees for Services shall be available on the Website or agreed upon by
Client and Company individually, in which case Client shall repeatedly
agree on the updated Contact with the information on applicable Fees
attached as Annex. The Client shall certify that he has carefully
familiarized himself with the Fees of Services applicable to the Client and
relevant to them. Fees for currency conversion shall be provided to Client
before Client issues Payment Order.
6.2. The Company shall charge fees related to its standard Services in
accordance with this Contract and the fees list which is attached to this
Contract and shall be considered as an inseparable part of this Contract.
The Company shall charge individual fees to the Client for non-standard
Services not defined herein and/or in the price list and the Client shall
be informed thereon before using such services.
6.3. The standard Commission Fees list may be found on the Website at
http://sevenseasfinance.com/pricing/ . However, the Company reserves the
right to agree with the Client individually on different pricing
6.4. Unless otherwise indicated, fees are quoted in Euro.
6.5. For the Payment services and / or related services performed by the
Company, the Client shall pay the Commission Fees to the Company. The
Commission Fees are indicated in the Fees and / or the additional
agreements with the Client. In case if the Client fails to fulfil its
obligation to pay the Commission Fees to the Company, the Client shall pay
to the Company penalties (the fines or default interest) set forth in the
Fees, the Website or in the annexes of this Contract and / or applicable
laws of the Republic of Lithuania.
6.6. Applicable fees for a particular Payment transaction shall be always
indicated to the Client before the Payment transaction could be initiated
by the Client, unless otherwise stated in these Terms and Conditions or any
6.7. Any Commission Fees payable by the Client shall be deducted from the
6.8. If Commission Fees were not deducted immediately when the service was
provided to the Client, the Company shall have the right to deduct them any
6.9. Where the Company has no possibility to deduct any Fees and/or
Commission Fees payable by the Client for the provided Services from the
Account, the Company deduct fees once the appropriate amount of funds is
available in the Account. In case of overdue payments, the Company reserves
the right to charge default interest in the amount of 0,02 % and/or
terminate these Terms and Conditions with immediate effect by giving
written notice to the Client.
6.10. In case if during the performance of the Payment transaction there
are not enough funds for execution of Payment transaction and payment of
Commission Fees in the Account, the Company shall have the to refuse not to
execute the Payment transaction.
6.11. In case if the Client notices that any Commission Fees were
unjustifiably deducted from their Account, the Client is encouraged to
immediately contact the Company at [email protected] or directly
through the System and request for an verification of the situation and, if
applicable, amendment of the status quo.
6.12. Funds may be held in the Account in different currencies if this is
made available by the Company. Keeping funds in different currencies, the
Client acknowledges and undertakes responsibility for possible depreciation
of money due to changes in exchange rates.
6.13. The Currency exchange rates are provided to the Client before the
6.14. Currency exchange is based on the exchange rate of the Company, which
is valid at the time of conversion in the System before completing the
operation. Clients have the right to contact Company in the case of needs
for higher or more frequent currency exchange amounts, the Company in turn
reserves the right to offer more favourable conditions in turn.
6.15. The Company may apply the changed basic exchange rate of currency
immediately without a separate notice. The Company informs the Client about
such changes in a manner described in this Contract.
6.16. Fees by default shall be deducted from the same Account and in the
same currency as the currency of the Payment Transaction. If the amount of
money is not sufficient for payment of the monthly maintenance fee or other
services, the Company shall have the right to record the Client’s debt and
the debt in this case shall be covered only by transferring funds to the
Account. Monthly maintenance fees, by default, shall be deducted in Euro.
6.17. The Client undertakes to ensure a sufficient amount of funds in their
account balance to pay or deduct the Commission Fees. If the amount of
funds is insufficient to cover the Commission Fees, the Company has the
6.17.1. to deduct the Commission Fees from funds held in any Account of the
Client in the same currency in which the deduction is made by default. The
Company does not need to notify Client of this deduction executed; or
6.17.2. to deduct the Commission Fees from funds held in the Account in
another currency, converting the currency into the necessary one in
accordance with the currency exchange rate applied by Company to the
Client. If there are funds in several different currencies, the Company may
exchange it to the payable currency by the alphabetical order of the
international abbreviations of the currencies. The Company does not need to
notify Client of this conversion occurring.
6.18. The Company has the right to involve third parties to partially or
fully execute the Payment Order of the Client, if the Client’s interest and
(or) the essence of the Payment Order require so. In the event that the
essence of the Payment Order of Client requires sending and executing the
Payment further by another financial institution, but this institution
suspends the Payment Order, the Company is not responsible for such actions
of the financial institution, but makes attempts to find out the reasons
for the suspensions of the Payment Order.
6.19. Company reserves the right to apply additional pricing conditions
depending on the Account balance, currencies in use, risk factors, etc.,
negative interest at the rate of up to -0,5 % a year may be applied. The
client will be informed 5 business days before charging the Commission Fee.
6.20. The Company has the right to apply promos and other discounts that do
not increase the Pricing Conditions stated on the Website or in the annexes
of this Contract in any way. The clients are informed about these kinds of
promos via e-mail and through the Client’s Account.
7. TERMS OF ELECTRONIC MONEY ISSUANCE AND REDEMPTION
7.1. Money held on the Client`s Account is considered Electronic money
which shall be issued by the Company after the Client`s transfer or deposit
money to the Account. After a deposit performed by the Client or money
transfer to Client`s Account and after the Company receives the money, the
Company credits it to the Account, at the same time issuing Electronic
money at the nominal value. The Electronic money is credited to and held on
7.2. The specific method of depositing or transferring funds to Account is
selected by the Client flowing methods supported by the Company and
following instructions as provided by the Company.
7.3. The Company shall issue Electronic money at par value on the receipt
of funds from natural or legal persons.
7.4. The amount of Electronic money available in the Account is
automatically adjusted based on the Payment orders transmitted to the
Company (or in the process of being transmitted), the Electronic money
issued, any charges due and payable and any cancellation of one of the
abovementioned transactions hereunder.
7.5. At Client’s request, Electronic money held on the Account shall be
redeemed at their nominal value at any time, unless otherwise agreed by the
Company and the Client.
7.6. When Electronic money is requested to be redeemed before the expiry of
this Contract, the Client may request the return of part or all the
monetary value of the electronic money.
7.7. The Client submits a request for redemption of Electronic money by
generating a Payment order to transfer Electronic money from the Account
held in the Company to any other account specified by the Client.
7.8. No specific conditions for redemption of Electronic money that would
differ from the standard conditions for transfers and other Payment
transactions performed to the Client’s Account shall be applied. The amount
of redeemed or transferred Electronic money is chosen by the Client.
7.9. No additional fee for Electronic money redemption is applied. In the
event of redemption of Electronic money, the Client pays the usual
Commission fee for a money transfer or withdrawal which depends on the
method of Electronic money transfer or withdrawal chosen by the Client.
Standard Commission fees for money transfer or withdrawal are applied.
7.10. When the Client applies for redeeming Electronic money at the
expiration of this Contract or no more than 1 (one) year from the
expiration of this Contract, all monetary value of the Electronic money
held by the Client is redeemed.
7.11. Provided that the Client terminates this Contract and submits the
request to close their Account and delete Client`s Account from the Company
system, or the Company terminates the provision of the Company’s Services
to Client and deletes Client`s Account from the Company system in cases
specified in present Contract, money held on the Account shall be
transferred to Client`s bank account or to the account in another
electronic payment system indicated by the Client. The Company has the
right to deduct from the repaid money the amounts that belongs to the
Company (prices for Services provided by the Company and expenses which
have not been paid by the Client, including but not limited to, damages and
default interests incurred by the Company due to a breach of this present
Contract committed by the Client, which have been imposed by financial
institutions and (or) other competent authority of the state. In the event
of a dispute between the Company and the Client, the Company has the right
to detain money under dispute until the dispute is resolved.
7.12. In case the Company fails to repay the money to the Client due to
reasons beyond the control of the Company (for example, other account
indicated by the Client where money shall be transferred is closed,
technical problems incurred by the payment service provider, where the
Client has another account etc.), the Client shall be notified thereof
immediately. The Client shall immediately indicate another account or
provide additional information necessary to repay the money. In case of a
failure to inform the Company on the placement of outstanding funds, the
Company shall transfer the remaining funds to the internal debt account for
as long as the Client reclaims the belonging funds.
FOR AVOIDANCE OF DOUBT – ANY MONEY TRANSFERED TO THE COMPANY AS
CONSIDERATION FOR ISSUANCE AND CREDITING OF ELECTRONIC MONEY SHALL NOT
BE CONSIDERED A DEPOSIT AND THE COMPANY DOES NOT, IN ANY CIRCUMSTANCES,
PAY AND/OR SHALL BE HELD LIABLE TO PAY ANY INTEREST ON THE ELECTRONIC
MONEY HELD IN ONE OR SEVERAL ACCOUNTS. MOREOVER, NO BENEFITS STEMMING
FROM THE TIME PERIOD ELECTRONIC MONEY ARE STORED ON THE PLATFORM SHALL
BE PROVIDED TO THE CLIENT.
PLEASE NOTE THAT THE COMPANY MAY BE MANDATED BY LEGAL REGULATIONS TO
APPLY CERTAIN LIMITATIONS FOR REDEMPTION OF ELECTRONIC MONEY. SUCH
LIMITATIONS MAY AMONG OTHER THINGS BE RELATED TO APPLICATION OF
INTERNATIONAL SANCTIONS; REGULATIONS STEMMING FROM THE LEGAL
REQUIREMENTS IN PAYEES’ COUNTRY; CRIME PREVENTION (especially money
laundering and financing of terrorist activities) AND OTHERS.
8. FUNCTIONING OF THE ACCOUNT
8.1. Authentication data and information to be provided in Payment order.
8.1.1.Authentication data for accessing the Client’s Account are set by the
Client. There are two ways how the Client can access their account:
22.214.171.124. Authentication data for SMS Message Logging shall refer to:
126.96.36.199. User ID – is the combination of the digits provided to the Client
after registration process is finished and the Company informed the Client
with a confirmation that the Client can use the Services.
188.8.131.52. Password – the Company shall provide an initial password that
allows the Client to log into the Client’s account for the first time. The
initial password shall be sent to the contact mobile phone number that was
provided during the registration process. After logging to the Client’s
Account, Client shall change the initial password to a static alphanumeric
string. The Company shall not have access to the password, nor shall
request it from the Client at any time.
184.108.40.206. One-time authentication code – is the six-digit code that the
Client will receive to their mobile phone after successfully submitting
User ID and Password details. Client shall enter one-time authentication
code in three minutes, otherwise the Client shall not be allowed to log
into the Client’s Account. One-time authentication code shall be used when
initiating the Payment transaction. The Client shall confirm the outgoing
Payment transaction by entering the one-time authentication code received
to their mobile phone number. The Payment transaction shall not be executed
without the entering one-time authentication code.
8.1.2.Authentication data for Identification Device Logging shall refer to:
220.127.116.11. User ID – is the combination of the number provided to the Client
after registration process is finished and the Company informed the Client
with a confirmation that the Client can use the Services.
18.104.22.168. Challenge – six-digit code which shall be entered into the
Identification Device to receive a password.
22.214.171.124. Generated password/code – six-digit code generated by the
Identification Device which shall be used for logging to the Client’s
account. Generated password/code shall be used when initiating the Payment
transaction. The Client shall confirm the outgoing Payment transaction by
entering the code generated by the Identification Device. The Payment
transaction shall not be executed without entering the generated code.
8.1.3.The maximum time without activity by the Client after being
authenticated for accessing its Account online shall not exceed 5 minutes.
After 5 minutes, the session is over, and the Client has to login again. If
the authentication data was entered incorrectly five times, the Company
shall be entitled to block the access to the Client’s Account. The Client
shall be warned about the incorrectly entered authentication data. In case
of blocking Client’s Account in accordance with incorrectly entered
authentication data, the Client shall submit the request to the Company and
complete the identity verification again. Only after the successful
identity verification, the Client shall be entitled to receive new
8.1.4.Unique Identifier shall be provided by the Client for a Payment order
to be properly initiated or executed. The Company shall credit the funds to
and debit them from the Account according to the Unique Identifier
specified in the Payment order received by the Company.
8.1.5.The Company is not liable if the Unique Identifier is not provided in
the Payment order and / or it is incorrectly entered by the Client.
However, the Company shall make reasonable efforts to recover the funds
involved in the Payment transaction.
8.1.6.The Client is informed and agrees that the Company has the right to
request additional and / or other mandatory information (for example amount
and currency, Payee’s name, surname / name of the legal entity / code of
the payment) which must be submitted to the Company in order properly
execute the Payment order.
8.2. The form of and procedure for giving consent to initiate a Payment
order or execute a Payment transaction.
8.2.1.The Payment transaction is authorized only when the Client expresses
their consent for the execution of Payment transaction.
8.2.2.The consent shall be provided to the Company in the form and manner
agreed by the Parties. In case if the consent is provided in written, it
shall be signed properly by both Parties. The consent may be authorized by
using the authentication data – for example, the security code given to the
Client and Personalized security credentials during the time of the
creation of the Account. The consent may be expressed by other form and
manner needed for the concrete Services and / or indicated in the
additional agreement between the Parties.
8.2.3.The consent of the Client (Payer) shall be submitted prior to the
execution of the Payment transaction.
8.2.4.In the absence of the Client’s (Payer’s) consent to execute the
Payment transaction, the Payment transaction shall be considered to be
8.2.5.In the case of a direct debit, the Client’s (Payer’s) consent must be
given to the Company and in the cases established by the Company such
Consent may be given to the Payee or to the Payee’s payment service
8.2.6.The Parties agree that the Client will not be able to withdraw a
consent to initiate a Payment order after such consent is given and will
not be able to revoke a Payment order once it has been received by the
8.3. Moment of receipt of the Payment order, requirements applied to the
Payment order and refusal to execute the Payment order.
8.3.1.Payment Transactions from the Client's Account can be executed:
126.96.36.199. to another User’s account in the System.
188.8.131.52. to the bank accounts registered in Lithuania, any EU Member State
and abroad (except for banks in foreign countries, Payments to which are
184.108.40.206. to accounts in other electronic payment systems specified in the
8.3.2.The Client shall ensure that there are enough funds in the Account
necessary for the execution of the Client’s Payment order instructions. If
the Client does not have sufficient funds when the Client's instructions
are presented, the Company has the right to refuse to execute the Client's
instruction, unless otherwise agreed by the Parties.
8.3.3.The Company shall process Payment orders given by the Client without
undue delay, provided that at the moment of the order there are enough
funds on the Account, from which the funds are to be debited.
8.3.4.In case where the Client is the Payer, the Payment order is
considered received by the Company on the day of its reception, or, if the
moment of reception of the Payment order is not the Business Day of the
Company, the Payment order is considered received on the next business day
of the Company.
8.3.5.The Payment order that was received by the Company on the Business
Day of the Company, but not on business hours set by the Company, is
considered received on the next business day of the Company.
8.3.6.Funds from the Payer's Account shall not be debited before the
Payment order is received by the Company.
8.3.7.If the Client initiating a Payment order and the Company agree that
execution of the Payment order shall start on a specific day or at the end
of a certain period or on the day on which the Payer has put funds at the
Company’s disposal, the time of receipt is deemed to be the agreed day. If
the agreed day is not a Business Day for the Company, the Payment order
received shall be deemed to have been received on the following Business
8.3.8.Payment orders inside the system of the Company are executed
immediately (up to a few minutes, unless the Payment transaction is
suspended due to cases set forth by legal acts and this Contract),
regardless of business hours of the Company.
8.3.9.The Company has the right to record and store any Payment orders
submitted by any of the means agreed on with the Company, and to record and
store information about all Payment transactions performed by the Client or
according to Payment orders of the Client. Records mentioned above may be
submitted by the Company to the Client and/or Third party, who have the
right to receive such data under the basis set forth in the applicable
laws, as evidence confirming the submission of Payment orders and/or
executed Payment transactions.
8.3.10. The Company has the right to refuse to execute a Payment order in
case of a reasonable doubt that the Payment order has not been submitted by
the Client or an authorized representative of the Client, Payment order or
the submitted documents are not legitimate. In such cases, the Company has
the right to demand from the Client to additionally confirm the submitted
Payment order and/ or submit documents confirming the rights of persons to
manage the funds held on the Account or other documents indicated by the
Company in a way acceptable to the Company at expense of the Client. The
Company is not liable for the losses which may arise due to refusal to
execute the submitted Payment order due to the reason of the refusal to
provide additional information or documents by the Client.
8.3.11. The Client is informed and agrees that the Company has the right to
involve third parties to execute the Payment order of the Client partially
or fully, if the Client's interests and/ or the essence of the Payment
order requires so. If the essence of the Payment order of the Client
requires sending and executing the Payment transaction further by another
financial institution, but this institution suspends the Payment order, the
Company is not liable for such actions of that financial institution but
makes attempts to find out the reasons for the suspension of the Payment
8.3.12. The Company has the right to suspend and / or terminate the
execution of the Payment order of the Client, if required by applicable
laws or in case it is necessary for other reasons beyond control of the
8.3.13. In case the Company has refused to execute Payment order submitted
by the Client, the Company shall immediately, without undue delay, inform
the Client thereon about the reasons for it and the procedure for
correcting any factual mistakes that led to the refusal, except when such
notification is technically impossible or forbidden by legal acts.
8.3.14. The Company shall not accept and execute Payment orders of the
Client to perform operations on the Account, if funds on the Account are
arrested, the right of the Client to manage the funds is otherwise legally
limited, or in case operations are suspended by applicable laws.
8.3.15. If money transferred by the Payment order is returned due to
reasons beyond the control of the Company (inaccurate data of the Payment
order, the account of the Payee is closed, etc.), the returned amount is
credited to the Account of the Client. Commission fees paid by the Payer
for the Payment order execution are not returned.
8.4. The terms of the execution of the Services
8.4.1.The time limits of the execution of Payment transactions to payment
accounts and the duration of execution of other Services are specified in
present Contract, additional agreements between the Parties or other
documents (e.g., requests, applications, questionnaires).
8.4.2.When the Payment operation shall be executed in euro in the Republic
of Lithuania or other Member States and the Client is the Payer, the
Company ensures that the amount of the Payment operation is credited to the
account of the payment service provider of the Payee until the end of the
nearest business day, except the exceptions foreseen in clause 8.4.3.
8.4.3.Where payment transfers in the Republic of Lithuania are made in
euro, the Company shall ensure that after the Payment order is received,
the amount of the Payment transaction is credited to the Payee's payment
service provider's account on the same Business Day if the Payment order is
received on that business day by 12 noon. If the Payment order is received
after 12 noon, the Company shall ensure that the amount of the Payment
transaction is credited to the Payee's payment service provider account no
later than the following Business Day. Parties can agree, that the Payment
order shall be executed on concrete day or at the end of certain period or
at the day when the Payer provides amount to its payment service provider.
In such case the payment service provider of the Payer shall ensure that
the amount of the Payment transaction is credited to the Payee's payment
service provider's account on the day of the execution of the Payment
order, and on the next Business Day when the Payment order is not executed
by the payment service provider.
8.4.4.When the Payment operation shall be executed in the currencies of
non-euro area Member States in the Republic of Lithuania and to other
Member States and the Client is the Payer, the Company ensures that the
amount of the Payment operation is credited to the account of the payment
service provider of the Payee until the end of the nearest Business day but
not later than within 5 (five) Business days after receipt of the Payment
order by the Company.
8.5. The dates of incoming funds, write down of funds and availability of
8.5.1.The Credit value date for the Client’s (Payee’s) Account is no later
than the Business Day on which the amount of the Payment transaction is
credited to the Client’s (Payee’s) Account.
8.5.2.The amount of the Payment transaction is at the Client’s (Payee’s)
disposal as soon as that amount is credited to the Client’s (Payee’s)
Account, where on the part of the Company, there is no currency conversion,
or there is a currency conversion between the euro and a Member State
currency or between two Member State currencies.
8.5.3.The Debit value date for the Client’s (Payer’s) Account is no earlier
than the point in time at which the amount of the Payment transaction is
debited from the Account.
8.6. Spending limits for the Payment transactions
8.6.1.Upon receipt of all requested documents and if they are deemed
satisfactory by the Company, the Client may initiate Payment orders not
exceeding the initial single payment and monthly and yearly limit as set by
8.6.2.These Terms and Conditions or other documents (e.g., requests,
applications, questionnaires) may establish a maximum spending limits for
8.6.3.The Client shall be entitled not only to request the increase of
spending limits but also the decrease of spending limits.
8.6.4.The increase of spending limits for the Client is a subject to the
risk evaluation of the situation of specific Client.
8.6.5. Please note that any limitations (initial or/and increased) apply to
all Client’s IBAN accounts.
8.7. Blocking the Account and / or suspension of the Services to the Client
8.7.1.The Client shall co-operate with the Company to investigate any
suspected illegal, fraudulent, or improper activity.
8.7.2.The Company is entitled to block the funds collected on the Client’s
Account as follows:
220.127.116.11. If the Company has a suspicion that the funds collected on the
Account are intended for the commitment of a crime, resulted from the crime
or participation thereon.
18.104.22.168. if there is a suspicion that an unauthorized payment transaction
was carried out through the Client’s Account.
22.214.171.124. the Client is in delay in discharging its obligations under this
126.96.36.199. bankruptcy is declared in respect of the Client's assets,
restructuring is initiated, the bankruptcy petition is cancelled owing to
the lack of funds for the remuneration of the trustee in bankruptcy, the
Client enters liquidation, or the risk of insolvency on the Client's side
excessively increases within a short period.
188.8.131.52. for the purposes of corrective accounting and settlement.
184.108.40.206. the Client is using the Company Services and fraudulent acts have
been proved on the Client's side or criminal proceedings are initiated
against the Client or its employees in the matter of fraudulent acts.
220.127.116.11. if actions of the Client fail to comply with the rules of the
Company banking partners and such conduct may cause the Company a damage.
8.7.3.The Company reserves the right to suspend, at any time and at its
sole discretion, the Client Account (or certain functionalities thereof
such as topping up, receiving, sending and/or withdrawing funds), inter
alia, for audit:
18.104.22.168. where the Company believes it is necessary or desirable to protect
the security of the Client account; or
22.214.171.124. if any transactions are made which the Company in its sole
discretion deems to be:
126.96.36.199.1. made in breach of this Contract or in breach of the security
requirements of the Client’s Account; or
188.8.131.52.2. suspicious, unauthorized, or fraudulent, including without
limitation in relation to money laundering, terrorism financing, fraud, or
other illegal activities; or
184.108.40.206. upon the insolvency, liquidation, winding up, bankruptcy,
administration, receivership, or dissolution of the Client, or where the
Company reasonably considers that there is a threat of the same in relation
to the Client; or
220.127.116.11. where anything occurs which in the opinion of the Company suggests
that the Client shall be unable to provide the Client’s products/services
and/or otherwise fulfil the contacts that it has with its Clients; or
18.104.22.168. if the transactions are for the sale of goods and/or services
which fall outside of the agreed business activities of the Client, or
where the Client presents a transaction and fails to present the relevant
goods and/or services as well as respective documentation and/or
information to prove the conduct of agreed business activities.
8.7.4.The Company will make reasonable efforts to inform the Client of any
such suspension in advance, or if this is not practicable, immediately
afterwards and give its reasons for such suspension unless informing the
Client would compromise security measures or is otherwise prohibited by law
or regulatory requirements.
8.7.5.In addition, the Company reserves the right (at its sole discretion)
to suspend the Client’s Account (or certain functionalities thereof such as
topping up, receiving, sending and/or withdrawing funds) at any time where
it is required to do so under relevant and applicable laws and regulations.
The Company will make reasonable efforts to inform the Client of any such
suspension unless the Company is prohibited from doing so by law or under
an order from a competent court or authority.
8.8. Information about the Payment transactions
8.8.1.The Company is obligated to provide the information to the Client
(before the execution of Payment order) about the possible maximum terms of
the execution of certain Payment order, the payable Commission fees.
8.8.2.The Company shall ensure the possibility for the Client to access the
Statement about the provided Payment transactions, which shows as follows:
22.214.171.124. information enabling the Payer to identify each Payment
transaction and information relating to the Payee.
126.96.36.199. the amount of the Payment transaction in the currency indicated in
the Payment order.
188.8.131.52. the Commission fees payable for the Payment transactions.
184.108.40.206. the applicable currency exchange rate and the amount of Payment
transaction after the currency exchange rate, in case if during the
execution of Payment transaction the currency was exchanged.
220.127.116.11. the date of write down of funds from the Account.
18.104.22.168. the date of incoming funds to the Account.
22.214.171.124. other information which shall be provided to the Client in
accordance with the applicable laws of the Republic of Lithuania.
8.8.3.The Statement is provided through the Client’s Account.
8.8.4.The Company is obligated to inform the Client about the suspected or
executed fraud by other person or the threats for the security of Services
by sending a message within the personal Client’s Account and by choosing
one additional option from the following – by sending the e-mail or other
method which is at that time safe and the most suitable to the specific
8.9. Third parties involved for opening an account for pound sterling (GBP)
8.9.1. The Client is aware that the Company uses a third party under the
jurisdiction of the United Kingdom to open GBP accounts in accordance with
all laws applicable to electronic money institutions in the United Kingdom.
In this case the Company provides access through its platform to a third
party GBP account. The Client acknowledges and fully agrees that the third
party is fully responsible for the protection of the Client’s funds held on
a GBP account.
8.9.2. The Client who has a GBP account acknowledges and agrees to the
126.96.36.199. it grants for the Company all permission necessary to operate the
GBP account on its behalf;
188.8.131.52. the Company will be granted full access to operate the Client’s
184.108.40.206. the Client has no recourse against the Company for any act or
omission of the third party with respect to its GBP account;
220.127.116.11. Client understands it can only access its GBP account to make
Payment transactions, review Payment transactions made or otherwise use
third party services through the access provided by the Company.
8.9.3. Clauses 8.9.1–8.9.2 of the Conditions apply only to Clients under
the jurisdiction of the United Kingdom.
9. PROHIBITED ACTIVITIES
9.1. The Client is prohibited to:
9.1.1.violate IP rights of any Third parties, including trademarks,
copyrights, commercial secrets, and others.
9.1.2.provide false, misleading, or incorrect information to the Company.
9.1.3.not to provide information requested by the Company.
9.1.4.refuse to carry out Identification upon the request from the Company.
9.1.5.execute or receive transfers of illegally acquired funds, if the
Client is aware or should be aware of it.
9.1.6.use Services in a way which causes losses, responsibility or other
negative legal consequences or damage to business reputation of the Company
or Company’s partners.
9.1.7.accept payments in unregulated and/ or unsupervised virtual currency;
to buy, convert or manage it in any other way.
9.1.8.disclose Personalized security credentials or Identity Authentication
Measures to unauthorized third persons and/or allow third persons to use
the Services in the name of the Client or Additional User.
9.1.9.register an Account by counterfeit or someone else’s name without
having power of attorney.
9.1.10. log in to the System as an anonymous user (e.g., via proxy
9.1.11. provide services that are prohibited by the law or contradict
public order and moral principles (including but not limited to organizing
illegal gambling, illegal trafficking of tobacco products, alcohol,
prescription medicines, steroids, guns, narcotic substances, and the
attributes related to narcotic substances, pornographic production,
unlicensed lottery, illegal software).
9.1.12. provide financial services without a prior agreement with the
9.2. The Client shall be solely responsible and undertake to fully
indemnify the Company from any losses, stemming from an engagement in
prohibited activities and/or breach of the Terms and Conditions.
10. AMENDMENTS AND CHANGES OF FEES, TERMS OF THE CONTRACT, TERMS OF
10.1. This Contract is subject to be changed from time to time.
10.2. The Client confirms that they agree to receive Company’s
notifications by the System messages, sending an email to the registered
contact e-mail address, indicated by the Client at the time of registration
in the Client’s Questionnaire, or by sending an SMS message. If these
notifications are not related to significant amendments to the Contract, it
shall be deemed that the Client received the notification within 24
(twenty-four) hours from the moment it was sent out to the Client.
10.3. The Company has the right to change this Contract, applicable prices,
and Commission fees and / or the terms of Services by offering the changed
Contract to the Client personally in paper or other Durable medium (through
the Client’s Account and additionally informing the Client by electronic
messages (e-mail, short message service (SMS), etc.) sent to the Client) at
least 60 (sixty) calendar days before such changes will entry into force.
10.4. The 60 (sixty) calendar days notification period shall not be
applied, and notifications shall be provided according to the clause 10.2.
in these cases:
10.4.1. The Contract is changed due to changes in mandatory requirements of
10.4.2. The Fees are reduced, or other favourable conditions are
established for the Client.
10.4.3. The initial cost of provided services increases which leads to an
increase in the Fees of Company Services.
10.4.4. A new Service is introduced which may be used or not used by the
Client at their own choice.
10.5. The Client has the right to accept the proposed changes or reject it.
10.6. If no objection notice is received by the Company within the time
frame stipulated clause 10.2, the Client is deemed to have accepted the
changes and such changes come into force on the date of entry into force.
If the Client agrees with the changes to this Contract, applicable Prices
and Commission fees and / or the terms of Services, then the Client is not
entitled subsequently to submit to the Company Client’s objection and / or
claims regarding the content of such changes.
10.7. The Client has the right to terminate the Contract immediately at any
time and without charges after receiving the information about changes and
before any changes stipulated in provided information becomes effective. If
the Client does not use their right to terminate this Contract until the
day when such changes come into force, the Client shall be deemed as
accepted the changes to this Contract.
10.8. If the Client notifies the Company about disagreeing with proposed
amendments, it will be deemed as a notice that the Client wishes to
terminate the Contract when the proposed changes are to come into effect.
10.9. The Parties shall be entitled to agree on additional conditions other
than provided in this Contract by a separate written document.
10.10. The termination of this Contract in accordance with the clause 10.5.
shall not release the Client from its obligations to the Company arising
prior to the date of termination of this Contract to be properly executed.
11.1. The Client is responsible for the safety of devices used to log in to
the Client’s Account, shall not leave them unattended, in public places or
otherwise easily accessible to the third person.
11.2. It is recommended to update software, applications, anti-virus
programs, browsers, and other equipment in time.
11.3. It is recommended to protect devices with passwords, PIN codes or
other safety instruments.
11.4. It is recommended to evaluate received emails with cautiousness, even
if the Company is indicated as the sender. The Company will never request
the Client to provide the password of any Company system where login is
required, to download attachments or to install software. Attachments to
fraud e-mails may contain viruses which can harm devices or pose a risk to
the safety of the Client’s Account.
11.5. It is recommended not to click on unknown links, open unknown
documents, install software or application from unknown, unreliable sources
or visit unsafe websites.
11.6. As soon as the Client is aware of the loss, theft, misappropriation
or fraudulent use of a payment instrument, the Client must immediately
notify the Company, or any other entity designated by it. The notification
shall be submitted to the Company through the Client’s Account and at the
same by sending e-mail to the Company or by calling by phone to the
11.7. If the Client notices any suspicious activity on his account and
thinks that the third person may have logged in to system and could take
use of the Services, the Client shall:
11.7.1. immediately inform the Company thereof at any time and request to
block the Client’s Account.
11.7.2. to continue to use the account, the Client shall change the
password, use other additional account confirmation instruments, or use
safer instruments and delete unsafe additional login confirmation
11.8. Blocking of the Account and the Payment instrument if the latter has
been given to the Client.
11.8.1. The Company has the right to block the Account (to stop the
execution of the Payment transactions at all or partly) and / or the
Payment instrument if such instrument has been given to the Client in such
cases as follows:
18.104.22.168. in case of the objectively justified reasons related to the
security of the funds and / or the Payment instrument in the Account, the
alleged unauthorized or fraudulent use of the funds and / or the Payment
instrument in the Account.
22.214.171.124. in case if the Client does not follow the terms of the present
126.96.36.199. in case if the Company has reasonable suspicions that funds in
the Account may be used by the other person for unlawful actions, including
but not limited to the commission of criminal activities.
188.8.131.52. in case of other basis set forth by applicable laws of the
Republic of Lithuania and / or the cases indicated in the additional
agreements signed between the Parties.
11.9. The notices provided by the Client regarding the unauthorized or
improperly executed Payment operations.
11.9.1. The Client is obligated to check the information about the executed
Payment transactions at least 1 (one) time per month, so that the Client
may notice unauthorized or improperly executed Payment transactions and
notify the Company in a timely manner.
11.9.2. The Client is obligated to inform the Company in writing about the
unauthorized or improperly executed Payment transactions, including the
noticed mistakes, inaccuracies in the extract immediately from the
acknowledge of such circumstances and in any case not later than 13
(thirteen) months from the debit date.
11.9.3. In case the Client does not notify the Company about the
circumstances described in the clause 11.9.2 of this Contract within the
terms specified in the same clause 11.9.2 and the additional agreements
between the Parties then it shall be considered that the Client
unconditionally confirmed the Payment transactions executed in the Account
of the Client.
11.10. The liability of the Client for unauthorized Payment operations and
the liability of the Company for the unauthorized Payment operations
11.10.1. In accordance to the terms indicated in the clause 11.9.2 of this
Contract or having determined that the Payment transaction was not
authorized by the Client, the Company without undue delay, but no later
than by the end of the next Business Day shall return the amount of the
unauthorized Payment transaction to the Client and where applicable shall
restore the balance of the Account from which this amount was written down
and which would have existed if the unauthorized Payment transaction had
not been executed, unless the Company has reasonable suspicions of the
fraud and informs about such suspicious activity the supervisory authority
Bank of Lithuania in accordance with the rules of such notice prepared by
supervisory authority Bank of Lithuania;
11.10.2. If the Client who is a natural person acting for purposes other
than his business or profession denies authorising a Payment Transaction
which has been authorised or states that the Payment transaction has been
executed improperly, the Company is obligated to prove that the payment
transaction was authenticated, accurately recorded, entered in the
accounts, and not affected by a technical breakdown or some other
deficiency of the service provided by the Company.
11.10.3. The Payer shall bear all the losses relating to any unauthorised
payment transactions, if they were incurred by the Payer acting
fraudulently or failing to fulfil one or more of the obligations set out in
this Contract and additional agreements signed between the Parties with
intent or gross negligence. In case of possible fraud made by Client, the
Company informs about such suspicious activity the Bank of Lithuania in
accordance with the rules of such notice prepared by the Bank of Lithuania.
11.10.4. The Client who is a natural person acting for purposes other than
his business or profession shall bear the losses that have arisen due to
unauthorised Payment transactions for the amount of up to 50 (fifty) euro
if these losses have been incurred due to the use of a lost/ stolen Payment
instrument and the misappropriate use of a Payment instrument if the Payer
did not manage to keep the Personalised security credentials safe.
11.10.5. The Account may be blocked by the Client’s initiative and / or the
Account (including the Payment instrument, if such is given to the Client)
may be blocked, if the Client submits a respective request to the Company.
The Company has the right to demand that the request submitted by the
Client's oral request to block the Account (including the Payment
instrument if such is given to the Client) be subsequently approved in
writing or in another manner acceptable to the Company.
11.10.6. If the Company has reasonable doubts that the request indicated in
the clause 11.10.6. of this Contract is not submitted by the Client, the
Company has the right to refuse to block the Account (including the Payment
instrument if such is given to the Client). In such cases, the Company
shall not be liable for any losses that may result from the failure to
comply with the said request.
11.10.7. Other terms of the liability of the Parties for the unauthorized
Payment transactions may be indicated in the additional agreements between
11.11. Liability of the Company for proper execution of Payment
11.11.1. The Company is not liable for Third parties’ mistakes.
11.11.2. If the Client initiating the Payment order executes a Payment
order by identifying a Unique Identifier, such Payment order shall be
deemed to be executed properly if it was executed according to the
specified Unique Identifier. The Company has the right, but it is not
obliged to check whether the Unique Identifier presented in the Payment
order received by the Company corresponds to the account holder's name and
11.11.3. If the Unique Identifier is presented to the Company with the
Account to be credited or debited from the Account, the Payment order is
deemed to be executed properly if it was executed according to the
specified Unique Identifier. If the Company carries out the said inspection
(for example, due to the prevention of money laundering risk) and finds out
clear mismatch between the Unique Identifier submitted to the Company and
the account holder's name, the Company shall have the right not to execute
such a Payment order.
11.11.4. If the Client (Payer) properly initiates the Payment order and the
Payment transaction is not executed or executed improperly, the Company, at
the request of such Client, shall immediately and without charge take
measures to trace the Payment transaction and to inform about results of
search the Client.
11.11.5. The Company is liable for the properly initiated Payment order
with the terms set forth by this Contract and / or additional agreements
signed between the Parties.
11.11.6. The Company is liable for applying the Commission fees or giving
back the already paid Commission fee in case if the Payment order was not
executed or executed improperly due to the fault of the Company.
11.11.7. The Company is not liable for the indirect losses incurred by the
Client and related to the not executed Payment order or improperly executed
Payment order. The Company is liable only for the direct losses of the
11.11.8. The Company is not liable for claims raised between the Payee and
Payer and such claims are not reviewed by the Company. The Client may
submit the claim to the Company only regarding the non-performance or
improper performance of the obligations of the Company.
11.11.9. Limitations of liability of the Company are not applied if such
limitations are prohibited by the applicable laws.
11.11.10. The Parties agree that the Client (who is a Payer) will not be
entitled to a refund from the Company of an authorized Payment transaction
which was initiated by or through a Payee and which has already been
11.12. Incorrect Payment transactions
11.12.1. The Client who notices that the funds that do not belong to
him/her have been transferred to Account must immediately notify the
Company to the effect. In such cases the Client, as unauthorized
beneficiary of transferred funds of the Payment transaction, shall be
deprived of the right to dispose of the transferred funds and must
forthwith remit such funds to Account designated by the Company.
11.12.2. The Company shall have the right to debit the amounts incorrectly
credited to the Account through its own fault without a separate consent of
the Client, as unauthorized beneficiary of transferred funds of the Payment
transaction and remit such funds to their due beneficiary.
11.12.3. If funds available in the Account are already insufficient for the
debit of incorrectly credited funds, the Client must repay the respective
amount of funds to the account designated by the Company within 3 (three)
Business days of the Company’s request. If the Client breaches the
principles laid out in this clause, the Company shall take any eligible
actions required by the applicable laws of the Republic of Lithuania.
11.13. Force Majeure
11.13.1. The Company and the Client shall not be held liable for the
default on, or inadequate discharge of, or for any failure to comply with
this Contract, the obligations if such default or inadequate discharge was
caused by force majeure (e.g. to acts of God, war, warlike conditions
blockade, embargoes, riots, governmental restriction, labour disturbances,
wrecks, epidemics, quarantine, fire, flood, earthquake, explosion, any
unforeseen change in circumstances, or any other causes beyond its
11.13.2. The Client shall notify the Company about the force majeure on the
Company’s System, via email or in writing within 10 (ten) calendar days
after the day of occurrence of such circumstances.
11.13.3. The Company shall notify the Client about force majeure
circumstances on the Company’s System and via email.
12. TERM AND TERMINATION
12.1. Unless otherwise agreed in writing, this Contract has been made for
12.2. The Client may at any time terminate this Contract by notifying the
Company at least 30 (thirty) days prior to the date of termination.
12.3. The Company may terminate this Contract by notifying the Client 60
(sixty) days prior to the date of termination.
12.4. The Company may also terminate this Contract by notifying the Client
60 (sixty) days prior to the date of termination, if the Client has not
made any Payment transactions for more than 6 (six) consecutive months. 60
(sixty) days before the termination, the Company contacts with the Client
due to the clear up of the necessity of opened Account for the Client.
Meanwhile, the Account credit and debit operations are getting blocked
until the Client expresses the will to start using Company Services or the
eventual Account termination.
12.5. Repealed as of 14 March 2022
12.6. This Contract may be terminated by mutual agreement between parties.
12.7. The Company may terminate this Contract immediately if the Company
reasonably suspects or determines that the Client:
12.7.1. is in violation of applicable laws or regulations including those
connected with anti-money laundering or counterterrorist financing.
12.7.2. has provided false or misleading information or documentation to
the Company, failed to provide the documents and information connected with
its Account and using the Services or failed to keep such documents and
information up to date.
12.7.3. If the risk level of the Client is or becomes above the risk
appetite of the Company.
12.7.4. is using the Services to make or receive payments for activities
related to those provided in the restricted activities, or
12.7.5. is otherwise using the Services for malicious, illegal, or immoral
12.8. The Company will notify the Client about the reasons of termination
of this Contract as soon as possible if such notification is not prohibited
by applicable laws and regulations.
12.9. Upon termination of this Contract, the Client has the right to
request and receive – on a paper version or on other durable medium – the
breakdown of all Payment transactions completed throughout the entire term
of this Contract, up to 36 months before the date of termination.
12.10. Upon termination of this Contract, the Client shall cover any
remaining debt either by deduction of the remaining funds in the Account or
by directly paying the Company upon separate agreement.
12.11. The termination of this Contract shall not release the Parties from
their obligations to each other arising prior to the date of termination of
this Contract to be properly executed.
13. CONFIDENTIALITY AND PERSONAL DATA
13.1. During the term of this Contract and thereafter, each party shall use
and reproduce the other party’s Confidential Information only for purposes
of this Contract and only to the extent necessary for such purpose and will
restrict disclosure of the other party’s Confidential Information to its
employees, consultants, advisors, or independent contractors and will not
disclose the other party’s Confidential Information to any third party
without the prior written approval of the other party except cases where
personal data is necessary for a proper performance of the obligations of a
third party who has been involved, fully or partially, to execute Payment
13.2. Notwithstanding the foregoing, it will not be a breach of this
Contract for either Party to disclose Confidential Information of the other
Party if required to do so under law or in a judicial or governmental
investigation or proceeding. For example, to transmit all collected
important information about the Client and their activity to other law
enforcement institutions, state authorities (State Tax Inspectorate (VMI),
Social Insurance Fund (SODRA)), and other financial institutions, if such
duty is determined by the legislation, and to identify whether this
Contract and relevant legislation have not been or will not be violated.
13.3. The Client grants Company the right to undertake the necessary
measures, including but not limited to, submitting requests to third
persons directly or via third parties in order to determine the identity of
the Client and accuracy of other data (e.g. a register of legal entities,
systems for checking the validity of personal documents, etc.) submitted by
13.4. The confidentiality obligations shall not apply to information that:
13.4.1. is or becomes public knowledge through no action or fault of the
13.4.2. is known to either Party without restriction, prior to receipt from
the other Party under this Contract, from its own independent sources as
evidenced by such party’s written records, and which was not acquired,
directly or indirectly, from the other Party.
13.4.3. either Party receives from any Third party reasonably known by such
receiving party to have a legal right to transmit such information, and not
under any obligation to keep such information confidential, or
13.4.4. information independently developed by either Party’s employees or
agents provided that either Party can show that those same employees or
agents had no access to the Confidential Information received hereunder.
13.5. The Client agrees for the Company to manage their personal data with
an aim to provide Services to the Client and execute other responsibilities
under the present Contract. The Company guarantees security of personal
data received while executing the present Contract. Personal data is used
to the extent necessary to execute the present Contract. The
above-mentioned personal data cannot be disclosed to Third parties without
a consent from the subject of this data, except for cases stated by the
applicable law or the present Contract and cases where Confidential
Information is necessary for a proper performance of the obligations of a
third party who has been involved, fully or partially, to execute Payment
13.6. The main principles of processing of personal data, storage period
available on the Website of the Company. The Client acknowledges that they
will comply with all provision in the policy.
14. DISPUTES RESOLUTION AND DEFENDING CLIENT RIGHTS
14.1.1. The Company aims to The disputes between the Company and Client
shall be solved promptly on terms acceptable to both Parties. In case of a
dispute, Clients are encouraged to contact the Company directly. Disputes
shall be solved by negotiation.
14.1.2. If the dispute cannot be solved through negotiations between the
two Parties, the Client who is a natural person acting for purposes other
than their business or profession can appeal to the Bank of Lithuania for
the settlement of the dispute:
184.108.40.206. the Bank of Lithuania is an institution of consuming-related
dispute settlement out of court. The appeal to the Bank of Lithuania shall
not deprive the Client from the right to appeal to the court.
220.127.116.11. The decision of the Bank of Lithuania shall be of the nature of
recommendation and shall not be appealed to court.
18.104.22.168. Applications can be submitted in three ways:
22.214.171.124.1. Via the electronic dispute settlement facility E-Government
126.96.36.199.2. By completing (Consumer Application) and sending it to the
Financial Market Supervision Service of the Bank of Lithuania, Žalgirio g.
90, LT-09303, Vilnius, Republic of Lithuania, email: [email protected];
188.8.131.52.3. By filing out a free-form application and sending it to the
Financial Market Supervision Service, Žalgirio g. 90, LT-09303, Vilnius,
Republic of Lithuania, email: [email protected];
184.108.40.206. Application must be submitted in the official language of the
country, i.e., Lithuanian.
14.1.3. In case the dispute cannot be settled through negotiations,
disputes may be solved in the courts of the Republic of Lithuania in
accordance with the procedure set forth by the laws of the Republic of
14.2.1. In case if the dispute cannot be solved through negotiations, the
Client can submit a complaint by post or e-mail, specifying Client’s name,
contact details, relevant information, which would indicate why the Client
reasonably believes that the Company violated the legal rights and
interests of the Client while providing the Services. The Client can add
other available evidence that justifies the need for such a complaint. If
the Client would like to submit a formal complaint, the Client shall send
the email to [email protected]
14.2.2. Upon the receipt of a complaint from the Client, the Company
confirms receipt of the complaint and indicates the time limit within which
the reply will be submitted. In each case, the deadline for submitting a
reply may vary as it directly depends on the extent and complexity of the
complaint filed, but the Company will make the maximum effort to provide
the response to the Client within the shortest possible time, but not later
than 15 (fifteen) Business days. In case if the Company is not able to
provide the final answer within 15 (fifteen) Business days, the Company
shall inform the Client about that and indicate the time when the answer
will be provided, however the term shall not be longer than 35
(thirty-five) Business days. The complaints submitted by the Client are
solved free of charge.
14.2.3. When the Client considers that the Company has violated the
legislation regulating the financial market, the Client has the right to
file a complaint with the Bank of Lithuania regarding possible violations
of financial market legislation.
14.2.4. The Client’s complaint to the Bank of Lithuania may be submitted in
writing or electronically:
220.127.116.11. at the address: Žalgirio g. 90, LT-09303, Vilnius, Republic of
18.104.22.168. sending a complaint by e-mail:[email protected] or [email protected];
22.214.171.124. sending by fax (8 5) 268 0038.
126.96.36.199. filling in an electronic link in the designated section of the
Bank of Lithuania website.
188.8.131.52. by other means specified by the Bank of Lithuania.
15. FINAL PROVISIONS
15.1. The law of the Republic of Lithuania is applicable to this Contract,
its annexes, and relations of the Parties that are not regulated by this
Contract, including cases when a dispute between the Client and the Company
falls within jurisdiction of a court of another state.
15.2. The Parties shall be personally liable for fulfilment of their tax
obligations to the state or other entities. The Company shall not be
responsible for performance of the Client’s tax obligations or calculation
and transfer of taxes applicable to the Client.
15.3. Client may not transfer or assign any rights or obligations he may
have under this Contract without the Company’s prior written consent. The
Company reserves the right to transfer or assign this Contract and all
rights or obligations under this Contract with prior notice to the Client
accordingly to the rules and procedures set forth in this Contract at least
60 (sixty) calendar days before such changes will entry into force. The
Client has the right to accept the changes or reject it. If the Client does
not agree with the changes, the Client has the right to unilaterally,
immediately and without commission fee terminate this Contract until the
day the amendments begin to apply expressing a disagreement with the
changes. The disagreement shall be provided via Client’s Account and
additionally through the e-mail. If the Client does not use their right to
terminate this Contract until the day when such changes come into force,
the Client shall be deemed as accepted the changes. The foregoing does not
apply if either Party changes its corporate name or merges with another
15.4. If any part of this Contract is found by a court of competent
jurisdiction to be invalid, unlawful, or unenforceable then such part shall
be severed from the remainder of the Contract, which shall continue to be
valid and enforceable to the fullest extent permitted by law.